Get a Free Business Loan Quote Without a Credit Check
Loan Estimate Tool
Are you looking for a business loan but unsure how much you can get? With Lender Rader’s Loan Estimate Tool, you can quickly check your estimated loan amount based on your business performance—without a credit check or obligations!
Completely Free
No Obligation
Business Loan Estimate Tool
How the Business Loan Estimate Tool Works
The Business Loan Estimate Tool is designed to help business owners quickly estimate the potential loan amount they might qualify for based on key financial and credit metrics. Here’s a step-by-step explanation of how it works:
1. Input Fields:
- Monthly Gross Sales Volume: This is the total revenue your business generates in a month before any expenses are deducted. Enter this amount in dollars.
- Time in Business: This is the number of months your business has been operational. The tool requires a minimum of 6 months to qualify for a loan estimate.
- Personal FICO Credit Score: This is your personal credit score, which lenders often use to assess your creditworthiness. Enter a score between 300 and 850.
2. Validation:
- The tool checks if the business has been operational for at least 6 months. If not, it will display an error message indicating that the business does not meet the minimum time requirement.
3. Loan Calculation:
- Based on the FICO credit score, the tool determines the loan approval range as a percentage of the monthly gross sales. For example:
- A FICO score of 720 (Good) will result in a loan estimate of 85% to 110% of the monthly gross sales.
- The tool calculates the minimum and maximum loan amounts using the percentages associated with the FICO score range.
4. Result:
- The tool displays the estimated loan amount range in dollars. For example, if your monthly gross sales are $10,000 and your FICO score is 720, the tool might display: Estimated Loan Amount: $8,500 – $11,000.
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How It Works
Step 1:
Enter basic business details (revenue, industry, time in business).
Step 2:
Get an instant estimate of how much you can qualify for.
Step 3:
Compare lenders and choose the best option for your needs.